I&M Bank, founded by Kenyan tycoon Suresh Bhagwanji Shah, to open nine new branches
By the end of next year, I&M Bank aims to reach 100 branches, further cementing its status as one of Kenya’s top-tier financial institutions.
East Africa
Struggling cereals firm linked to Kenyan tycoon Ngugi Kiuna receives $10 million buyout offer
The troubled company is pinning its hopes on the potential investor, who has reportedly offered $10 million to revive operations and settle debts owed to KCB Bank Kenya.
Cereals company tied to Kenyan tycoon Ngugi Kiuna faces receivership over $28.6 million debt
The move reflects the growing financial strain on Kenyan businesses as economic pressures mount.
Credit Bank, owned by Kenya’s wealthy Nyachae family, cleared to sell stalled skyscraper project
The decision comes after a legal battle with Jabavu Village Limited and Hasscon Pharmaceuticals Limited, which had borrowed the funds.
Kenya’s wealthiest banker takes a $3 million hit on Equity Group stake
The $3 million dip in his stake follows a modest increase of $1.2 million recorded between Jan. 1 and Jan. 22.
Kenya Airways, led by South African-born Kenyan businessman Michael Joseph, adds new boeing aircraft
The airline now operates 35 aircraft, boosting its capacity and efficiency as it competes in the African aviation market.
John Kimani, one of Kenya’s richest men, buys Centum shares worth nearly $2 million
His latest investment strengthens his position as Centum’s third-largest shareholder and reinforces his presence on the NSE.
Mauritian businessman Arnaud Mayer’s Evaco Group reports $1.2 million loss in H1 2024
Revenue dropped from MUR347.94 million ($7.5 million) to MUR232.4 million ($5 million), while finance costs surged to MUR63.1 million ($1.36 million).
Kenyan investor Baloobhai Patel buys $1.1 million additional stake in Co-op Bank
This move reflects his confidence in the bank’s potential and his ongoing commitment to expanding his influence in Kenya's financial industry.
Mauritian executive Aisha Timol leads Cim Group to $5.6 million profit in Q1 2025
Profit after tax grew by 13.6 percent, increasing from $4.97 million in the same period last year to $5.65 million.
Mauritian businessman Arnaud Dalais-led CIEL sees half-year profit slump below $50 million
While revenue edged higher, the group’s profit took a hit, weighed down by new tax levies and weaker contributions from its agro business.
Kenyan tycoon John Kimani faces $1.92 million loss on Kakuzi shares
Beyond Kakuzi, he holds a 5.21 percent stake in Centum Investments and 3.86 percent in Nation Media Group, spreading his bets across multiple sectors.
James Mwangi-led Equity Bank secures $20 million facility to boost financial access in Kenya's refugee regions
Equity Bank, in partnership with IFC, completes a $20 million Risk Sharing Facility to improve financial access for underserved communities, including refugees and hosts.
Tewodros Ashenafi: Energy mogul behind one of Ethiopia's leading oil companies
SouthWest Energy (SWE), which Ashenafi founded in 2005, has become Ethiopia’s leading indigenous oil and gas exploration and production company.
Tanzania’s richest man reveals crypto scammers hacked his X account after token collapse
According to Mohammed Dewji, the breach occurred between Feb. 5 at 4:00 PM and Feb. 6 at 2:00 AM.
Aga Khan IV, spiritual leader and business visionary, dies at 88
Aga Khan’s investments shaped East Africa’s media, banking, and hospitality sectors.